House Approves Bush Tax Cut

Posted by accountingweb on Mar 29 2001 111 printer friendly

In an unsurprising vote along party lines, the House of Representatives approved President Bush's budget, which incorporates a $1.6 trillion tax cut.

The budget, if approved by the Senate, holds the government to a 4 percent increase in spending, and will become effective October 1, 2001. A portion of the related tax cut will be retroactive to January 1, 2001. The Senate will consider the bill today.

The close vote in the House was 222 to 205, and the budget is expected to face a more difficult ride in the Senate, where party representation is split evenly.

Meanwhile, the House will go forward today with a vote on a bill that would end the so-called marriage tax penalty. In addition, the governing body will consider a Bush proposal to double the Child Tax Credit to from its current $500 per child to $1,000 per child.

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